OPEC, Russia Agree to Keep Boosting Oil Output, Jolting Prices

OPEC and a group of Russia-led oil producers agreed to carry on pumping more crude, betting that pent-up need in a write-up-lockdown globe will outweigh any strike to financial action by the modern permutations of Covid-19.

The Group of the Petroleum Exporting Nations around the world and allied producers led by Russia reported Thursday they would elevate their collective output by yet another 400,000 barrels a working day in January. The team agreed before this 12 months to improve output in such increments every single month till production reaches pre-pandemic ranges.